Countries' economies are ranked based on their Gross Domestic Product (GDP) per capital and how it affects the economic stability of an average person staying in those nations. This is why the state of a country’s GDP can reflect if the country is wealthy or poor.
According to Focus Economies, most of the top 10 worst economies in the world are on the African continent with the Democratic Republic of Congo taking the lead with a poor GDP per capita of $439 despite the fact that the country has abundant natural resources.
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Mozambique follows at second position with $429 GDP per capital, Uganda and Tajikistan take third and fourth positions with $726 and $777 respectively.
5. Yemen
Yemen is at the fifth position with $762 GDP as at 2017 and a projected $1079 GDP for 2023. Yemen’s economy has been affected by incessant civil war and humanitarian crisis.
6. Haiti
Haiti is on the sixth position with $776 GDP being a country that has been extremely vulnerable to extreme weather and natural disaster as World Bank says the 90% of the country’s population is at risk.
7. Ethiopia
Ethiopia ranks seventh with a 2016 GDP of $884. The country is has been really economically challenged because it is landlocked and its neighbor, Djibouti, acts as the main port. However, the country is ranked as the fast growing economy in Africa.
8. Tanzania
Tanzania has a 2017 GDP of $1037 with a projected $1502 GDP by 2023 with a projected $1502. Tanzania’s economy has been on a steady growth as the poverty rate has been falling according to World Bank.
9. Kyrgyzstan
Kyrgyzstan is ninth with $1203. The Kyrgyz economy is at the mercy of external influence due to its over-reliance on gold export.
10. Uzbekistan
Uzbekistan is 10th on the ranking with a projected GDP of $2351 by 2023 and $1514 2017 GDP as the country’s economy growth was fast between 2004 and 2016.
Nigeria ranks 20th among other economies of the world with $2318 projected GDP for 2019.
Top world's poorest countries ranking. Source: Focus Economies
Top world's poorest countries ranking. Source: Focus Economies
Meanwhile, Legit.ng earlier reported that International Monetary Fund (IMF)’s statistics released in 2018 for 2017 revealed that Nigeria and South Africa are the largest economies in Africa with a combined Gross Domestic Product (GDP) which is around $750 billion.
It was gathered that there would have to be conscious practical efforts in improving the non-oil sectors if the continent can compete with top economies in the world.
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Minister of industry says economy is improving; Nigerians disagree |
According to Focus Economies, most of the top 10 worst economies in the world are on the African continent with the Democratic Republic of Congo taking the lead with a poor GDP per capita of $439 despite the fact that the country has abundant natural resources.
READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda
Mozambique follows at second position with $429 GDP per capital, Uganda and Tajikistan take third and fourth positions with $726 and $777 respectively.
5. Yemen
Yemen is at the fifth position with $762 GDP as at 2017 and a projected $1079 GDP for 2023. Yemen’s economy has been affected by incessant civil war and humanitarian crisis.
6. Haiti
Haiti is on the sixth position with $776 GDP being a country that has been extremely vulnerable to extreme weather and natural disaster as World Bank says the 90% of the country’s population is at risk.
7. Ethiopia
Ethiopia ranks seventh with a 2016 GDP of $884. The country is has been really economically challenged because it is landlocked and its neighbor, Djibouti, acts as the main port. However, the country is ranked as the fast growing economy in Africa.
8. Tanzania
Tanzania has a 2017 GDP of $1037 with a projected $1502 GDP by 2023 with a projected $1502. Tanzania’s economy has been on a steady growth as the poverty rate has been falling according to World Bank.
9. Kyrgyzstan
Kyrgyzstan is ninth with $1203. The Kyrgyz economy is at the mercy of external influence due to its over-reliance on gold export.
10. Uzbekistan
Uzbekistan is 10th on the ranking with a projected GDP of $2351 by 2023 and $1514 2017 GDP as the country’s economy growth was fast between 2004 and 2016.
Nigeria ranks 20th among other economies of the world with $2318 projected GDP for 2019.
Top world's poorest countries ranking. Source: Focus Economies
Top world's poorest countries ranking. Source: Focus Economies
Meanwhile, Legit.ng earlier reported that International Monetary Fund (IMF)’s statistics released in 2018 for 2017 revealed that Nigeria and South Africa are the largest economies in Africa with a combined Gross Domestic Product (GDP) which is around $750 billion.
It was gathered that there would have to be conscious practical efforts in improving the non-oil sectors if the continent can compete with top economies in the world.
We have upgraded to serve you better
Minister of industry says economy is improving; Nigerians disagree |
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